Pfizer announces commitment to achieve Net-Zero Standard by 2040

Pfizer has announced its commitment to further reduce its Greenhouse Gas (GHG) emissions, aiming to achieve a voluntary net-zero target by 2040, ten years earlier than the expectations of the Net-Zero Standard.

The Net-Zero Standard urges long-term action to reduce company emissions by 95% and value chain emissions by 90%.

To meet this commitment, Pfizer will need to move away from the use of fossil fuels at an accelerated rate, which will include the use of a fleet of hybrid and electric vehicles, and will encourage suppliers to take similar action.

The company is working with suppliers to encourage a commitment to climate change that includes establishing a GHG baseline by the end of 2022 and setting a reduction target by the end of 2025.

The company has also signed a pledge by the US Department of Health and Human Services (HHS) that calls on stakeholders in the US healthcare system – including hospitals, health systems, payers, suppliers and pharmaceutical companies – to reduce GHG emissions and ‘build a more climate resilient healthcare infrastructure’. As part of the commitment, Pfizer will publicly report on its progress.

Commenting on the commitment, Pfizer chairman and chief executive officer Albert Bourla, said: "The window is closing to minimise the potentially catastrophic impact of climate change, which affects the health of our planet and that of people around the world.

“With urgency of action increasing, we firmly believe that our commitment to accelerate decarbonisation of our value chain and achieve the Net-Zero standard can help drive positive change and build a healthier, more sustainable world.”

Between 2000 and 2020, the company reduced company emissions by over 60%.

In 2020, Pfizer announced a plan to become carbon neutral by 2030 and to reduce Scope 1 & 2 GHG emissions by 46% from a 2019 baseline. Scope 1 emissions occur from sources controlled or owned by an organisation, Scope 2 are associated with the purchase of electricity, steam, heat or cooling.

The company has outlined that it remains committed to these 2030 goals as ‘an interim milestone’ toward its new Net-Zero 2040 goal.